Someone seems to be overly convinced about the dollar going to zero, thus keep on buying utilizing the current overbought safety.
The first deep pullback was a mean reversion. It made it to the Green River Killer. The Green River can stop a move, any move.
The market eeked out a higher high, but barely and at 4x stretch from the mean.
The next mean reversion went through the mean and achieved approximately the average of the two mean reversion calls: (1.1664+1.1748)/2 = 1.1706
This time the area of interest was the lower guard rail (and a bit beyond), which is 1x stretch from the mean.
The rally stalled at 2x stretch from the mean making a lower high print. The lower high and the higher low points towards a squeeze happening, i.e. a pennant / triangle.
The most recent buy entry was a no-brainer again in the shape of the Green River. Now, there is a stall at the Upper Guard Rail. Why?
What happens if we already saw the failed break of the triangle at 70% into its length, and if we move the upper line lower to get the inner vector?
Then this is the perfect entry to go short – at least to the overbought neckline -> 1.1687
Back test of the last consolidation level, the trendline and the last bearish engulfing candle